You have bought a new property, and need to sell your current property to fund the purchase.

Common Law or Old System Title

System of land title where title is established by looking at a chain of transactions and events dating back to the original owner. Most old system title has been converted to Torrens Title and any remaining will usually be converted to Torrens Title on the sale of the property.

Community Title

A form of subdivision, where owners receive a Torrens Title for the lot they own and are members of body corporate. They also share ownership of the common facilities.

Company Title

This title applies when unit owners are actually shareholders in a private company. As a shareholder, they are entitled to exclusive occupation of a particular unit. However, if an owner wants to change the occupancy in any way (for example, by leasing the unit or selling its share holding) it must be approved by the company. You might want to see your solicitor before buying a company title.

Contract of sale

Written agreement outlining the terms and conditions of a property sale.

Conveyancing

Legal process of transferring ownership of a property from one person to another.

A repayment option in which, during a specified term, only the interest accrued on the home loan is paid. This normally converts to Principal and Interest repayments at the end of the Interest Only term.

Investment property

A property that the owner does not live in. A property purchased for earning a return on investment.

Any mortgage, charge or other rights given as security for the performance of an obligation (including the payment of money).

Settlement

Completion of a sale when the balance of the contract price is paid to the vendor and the buyer becomes legally entitled to take possession of the property.

Stamp duty

A state government tax paid on the purchase of properties. It is determined by the sale value and varies between states/territories.

Strata Title

Most commonly used for units, villas and townhouses. Gives ownership of a 'unit' of a larger building and membership of a body corporate. Owners can lease or sell their unit as they please (which contrasts with the rights of a shareholder under Company Title).

Structural survey

A detailed survey of the structure of a building carried out by a Structural Engineer or Chartered Building Surveyor. Surveyors are liable for negligence.

A type of co-ownership where two or more people own distinct interests (which may be equal or unequal) in the same piece of property. When one party dies, their share of the property can be left to beneficiaries other than their co-owners, as stated in their will.

Title deeds

Set of documents containing information on the present and past ownership of a property. Details names of owners and institutions that have registered a charge against the property.

Title search

The process of investigating title to land to check that the seller has the right to transfer ownership. A title search provides the names of the owners and other details of the property such as a restrictive covenant, mortgage or caveat on the title.

Transfer

A document that needs to be registered with the relevant land titles office so that the change in ownership is recorded on the certificate of title.

Torrens Title

The most common and simplest form of title to property ownership (as opposed to common law or old system title).